Summary

• Geopolitics took center stage early in the new year with the capture of Venezuelan President Nicolas Maduro on January 3.
• New AI tools proved to be particularly challenging for software stocks, bringing that sector's year-to-date decline to -20.8% by the end of February.
• The front-month future contract for West Texas Intermediate rose a little over 76% for the quarter.
• Inflationary fears pushed interest rates up, and the likelihood of additional rate cuts from the U.S. Federal Reserve were summarily priced out.
• The Virtus Seix Total Return Bond Fund generated a 0.0% return for the quarter, as relatively strong performances in the first two months were negated by March's negative return.

The conflict in the Middle East is clearly “the story” of the first quarter, but it only became obvious in March. That final month practically felt like a full quarter unto itself. January and February, however, entertained plenty of other narratives across